The insurance contract or agreement is a contract whereby the insurer promises to pay benefits to the insured or on their behalf to a third party if certain defined events occur. Insurance contracts were traditionally written on the basis of every single type of risk (where risks were defined extremely narrowly), and a separate premium was calculated and charged for each. Insurers have been criticized in some quarters for the development of complex policies with layers of interactions between coverage clauses, conditions, exclusions, and exceptions to exclusions.
For the vast majority of insurance policies, the only page that is heavily custom-written to the insured’s needs is the declarations page.
What Insurance Policies Are Needed For Builders And Contractors? | Duration 17 Minutes 16 Seconds